1. Introduction
Start

2. 1,000,000
500,000
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16,000
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100
Question Level $100

3. When an item is sold on account it is recorded as a:
$100 Question
When an item is sold on account it is recorded as a:
A. credit
B. Bank
C. Accounts Payable
D. debit

4. When an item is sold on account it is recorded as a:
$100 Answer
Next
$100 Question
When an item is sold on account it is recorded as a:
D. debit

5. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
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1,000
500
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100
Question Level $200

6. Another word for a “cash” account is:
$200 Question
Another word for a “cash” account is:
A. asset
B. bank loan
C. debit
D. bank

7. Another word for a “cash” account is:
Next
$200 Question
$200 Answer
Another word for a “cash” account is:
D. bank

8. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
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1,000
500
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100
Question Level $300

9. The first dollar amount recorded in an account is placed:
$300 Question
The first dollar amount recorded in an account is placed:
A. on the same side that it appears on a balance sheet
B. under assets
C. under liabilities
D. under debits

10. The first dollar amount recorded in an account is placed:
Next
$300 Question
$300 Answer
The first dollar amount recorded in an account is placed:
A. on the same side that it appears on a balance sheet

11. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
300
200
100
Question Level $500

12. A liability with a debit balance is an example of:
$500 Question
A liability with a debit balance is an example of:
A. Owner’s Equity
B. an exceptional balance
C. a credit
D. a debit

13. A liability with a debit balance is an example of:
Next
$500 Question
$500 Answer
A liability with a debit balance is an example of:
B. An exceptional balance

14. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
300
200
100
Question Level $1000

15. $1,000 Question
When the owner invests $1000 into the business which accounts are affected?
A. Bank and Bank Loan
B. Bank Loan and Owner’s Equity
C. Bank and Capital
D. None because it is a personal transaction

16. Next
$1,000 Question
$1,000 Answer
When the owner invests $1000 into the business which accounts are affected?
C. Bank and Capital

17. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
300
200
100
Question Level $2000

18. If a business purchases an item on account then:
$2,000 Question
If a business purchases an item on account then:
A. accounts receivable decreases
B. accounts receivable increases
C. accounts payable decreases
D. accounts payable increases

19. If a business purchases an item on account then:
Next
$2,000 Question
$2,000 Answer
If a business purchases an item on account then:
D. accounts payable increases

20. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
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1,000
500
300
200
100
Question Level $4000

21. Business transactions are recorded in a:
$4,000 Question
Business transactions are recorded in a:
A. balance sheet
B. trial balance
C. ledger
D. income statement

22. Business transactions are recorded in a:
Next
$4,000 Question
$4,000 Answer
Business transactions are recorded in a:
C. ledger

23. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
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1,000
500
300
200
100
Question Level $8000

24. To check the accuracy of a ledger:
$8,000 Question
To check the accuracy of a ledger:
A. we use the fundamental accounting equation
B. we ensure debits and credits equal zero
C. we take off a trial balance to make sure everything is in balance
D. we make sure there are no exceptional balances

25. To check the accuracy of a ledger:
Next
$8,000 Question
$8,000 Answer
To check the accuracy of a ledger:
C. we take off a trial balance to make sure everything is in balance

26. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
300
200
100
Question Level $16000

27. Which of the following is not an example of a form of a ledger:
$16,000 Question
Which of the following is not an example of a form of a ledger:
A. cards
B. electronic files
C. paper in binders
D. trial balance

28. Which of the following is not an example of a form of a ledger:
Next
$16,000 Question
$16,000 Answer
Which of the following is not an example of a form of a ledger:
D. trial balance

29. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
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1,000
500
300
200
100
Question Level $32000

30. For every transaction there is ALWAYS:
$32,000 Question
For every transaction there is ALWAYS:
A. one asset and one capital or liability, which are equal
B. one debit and one credit, which are equal
C. at least one asset and one capital or liability, which are equal
D. at least one debit and one credit, which are equal

31. For every transaction there is ALWAYS:
Next
$32,000 Question
$32,000 Answer
For every transaction there is ALWAYS:
D. at least one debit and one credit, which are equal

32. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
300
200
100
Question Level $64000

33. What is the benefit of buying goods on short-term credit?
$64,000 Question
What is the benefit of buying goods on short-term credit?
A. the business can p
B. the business can make more money
C. the business can inspect the goods before paying for them
D. there are no benefits

34. What is the benefit of buying goods on short-term credit?
Next
$64,000 Answer
$64,000 Question
What is the benefit of buying goods on short-term credit?
C. the business can inspect the goods before paying for them

35. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
300
200
100
Question Level $125000

36. The ledger and the balance sheet both show:
$125,000 Question
The ledger and the balance sheet both show:
A. Financial Postion
B. Transactions
C. Debits and Credits
D. All of the above

37. The ledger and the balance sheet both show:
Next
$125,000 Question
$125,000 Answer
The ledger and the balance sheet both show:
A. Financial Position

38. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
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200
100
Question Level $250000

39. $250,000 Question
The equipment accounts has a debit balance, which means this account is most likely:
A. owner’s equity
B. an asset
C. a liability
D. none of the above

40. Next
$250,000 Question
$250,000 Answer
The equipment accounts has a debit balance, which means this account is most likely:
B. An asset

41. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
300
200
100
Question Level $500000

42. $500,000 Question
ABC Company’s spends $1000 to repair their computer systems. This changes the balances for:
A. Bank and Capital
B. Bank, Equipment, and Capital
C. Bank and equipment
D. Accounts Payable and Equipment

43. Next
$500,000 Question
$500,000 Answer
ABC Company’s spends $1000 to repair their computer systems. This changes the balances for:
A. Bank and Capital

44. 1,000,000
500,000
250,000
125,000
64,000
32,000
16,000
8,000
4,000
2,000
1,000
500
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200
100
Question Level $

45. Which worksheet did we study in this unit?
$1,000,000 Question
Which worksheet did we study in this unit?
A. T-accounts
B. The Simple Ledger
C. Balance Sheet
D. Transaction Analysis Sheet

46. Which worksheet did we study in this unit?
Next
$1,000,000 Question
$1,000,000 Answer
Which worksheet did we study in this unit?
B. The Simple Ledger

47. Game Over Thanks for playing!